Attached files
| file | filename |
|---|---|
| 8-K - UIL HOLDINGS CORPORATION 8-K 5-21-2014 - UIL HOLDINGS CORP | form8k.htm |
| EX-99.3 - EXHIBIT 99.3 - UIL HOLDINGS CORP | ex99_3.htm |
| EX-99.1 - EXHIBIT 99.1 - UIL HOLDINGS CORP | ex99_1.htm |
| EX-99.2 - EXHIBIT 99.2 - UIL HOLDINGS CORP | ex99_2.htm |
EXHIBIT 99.4
FINANCIAL STATEMENTS
OF
THE BERKSHIRE GAS COMPANY
AS OF MARCH 31, 2014 AND DECEMBER 31, 2013 AND
FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
(UNAUDITED)
TABLE OF CONTENTS
|
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Page
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|
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Number
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Financial Statements:
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|
|
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Statement of Income for the three months ended March 31, 2014 and 2013
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3
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|
|
|
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Balance Sheet as of March 31, 2014 and December 31, 2013
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4
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|
|
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Statement of Cash Flows for the three months ended March 31, 2014 and 2013
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6
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Statement of Changes in Shareholder’s Equity
|
7
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2
THE BERKSHIRE GAS COMPANY
STATEMENT OF INCOME
(In Thousands)
(Unaudited)
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|
Three Months Ended
|
|||||||
|
|
March 31,
|
|||||||
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2014
|
2013
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||||||
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||||||||
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||||||||
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Operating Revenues
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$
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43,108
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$
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30,244
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||||
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||||||||
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Operating Expenses
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||||||||
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Operation
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||||||||
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Natural gas purchased
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23,504
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15,102
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||||||
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Operation and maintenance
|
6,828
|
4,038
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||||||
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Depreciation and amortization
|
2,452
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1,738
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||||||
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Taxes - other than income taxes
|
742
|
723
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||||||
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Total Operating Expenses
|
33,526
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21,601
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||||||
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Operating Income
|
9,582
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8,643
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||||||
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||||||||
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Other Income and (Deductions), net
|
(53
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)
|
218
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|||||
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||||||||
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Interest Charges, net
|
||||||||
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Interest on long-term debt
|
871
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699
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||||||
|
Other interest, net
|
2
|
4
|
||||||
|
|
873
|
703
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||||||
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Amortization of debt expense and redemption premiums
|
29
|
29
|
||||||
|
Total Interest Charges, net
|
902
|
732
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||||||
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||||||||
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Income Before Income Taxes
|
8,627
|
8,129
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||||||
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||||||||
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Income Taxes
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3,399
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3,177
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||||||
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||||||||
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Net Income
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$
|
5,228
|
$
|
4,952
|
||||
THE BERKSHIRE GAS COMPANY
STATEMENT OF COMPREHENSIVE INCOME
(In Thousands)
|
|
Three Months Ended
|
|||||||
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|
March 31,
|
|||||||
|
|
2014
|
2013
|
||||||
|
|
||||||||
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Net Income
|
$
|
5,228
|
$
|
4,952
|
||||
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Other Comprehensive Income (Loss)
|
4
|
(2
|
)
|
|||||
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Comprehensive Income
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$
|
5,232
|
$
|
4,950
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||||
The accompanying Notes to Financial Statements
are an integral part of the financial statements.
3
THE BERKSHIRE GAS COMPANY
BALANCE SHEET
ASSETS
(In Thousands)
(Unaudited)
|
|
March 31,
|
December 31,
|
||||||
|
|
2014
|
2013
|
||||||
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Current Assets
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||||||||
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Unrestricted cash and temporary cash investments
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$
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12,186
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$
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6,890
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||||
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Accounts receivable less allowance of $2,444 and $1,058, respectively
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15,807
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7,561
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||||||
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Unbilled revenues
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5,163
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6,254
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||||||
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Current regulatory assets
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4,444
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9,563
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||||||
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Natural gas in storage, at average cost
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1,136
|
3,457
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||||||
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Materials and supplies, at average cost
|
702
|
691
|
||||||
|
Prepayments
|
149
|
220
|
||||||
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Other
|
1,590
|
1,591
|
||||||
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Total Current Assets
|
41,177
|
36,227
|
||||||
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||||||||
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Other Investments
|
1,135
|
1,166
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||||||
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||||||||
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Net Property, Plant and Equipment
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123,745
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124,329
|
||||||
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||||||||
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Regulatory Assets
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37,332
|
35,666
|
||||||
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|
||||||||
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Deferred Charges and Other Assets
|
||||||||
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Unamortized debt issuance expenses
|
951
|
803
|
||||||
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Goodwill
|
51,933
|
51,933
|
||||||
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Other
|
280
|
90
|
||||||
|
Total Deferred Charges and Other Assets
|
53,164
|
52,826
|
||||||
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|
||||||||
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Total Assets
|
$
|
256,553
|
$
|
250,214
|
||||
The accompanying Notes to Financial Statements
are an integral part of the financial statements.
4
THE BERKSHIRE GAS COMPANY
BALANCE SHEET
LIABILITIES AND CAPITALIZATION
(In Thousands)
(Unaudited)
|
|
March 31,
|
December 31,
|
||||||
|
|
2014
|
2013
|
||||||
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Current Liabilities
|
||||||||
|
Current portion of long-term debt
|
$
|
2,393
|
$
|
2,393
|
||||
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Accounts payable
|
10,579
|
5,766
|
||||||
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Accrued liabilities
|
1,689
|
6,253
|
||||||
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Current portion of derivative liabilities
|
200
|
-
|
||||||
|
Deferred income taxes
|
1,466
|
3,534
|
||||||
|
Interest accrued
|
629
|
871
|
||||||
|
Taxes accrued
|
6,816
|
4,020
|
||||||
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Total Current Liabilities
|
23,772
|
22,837
|
||||||
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|
||||||||
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Deferred Income Taxes
|
25,325
|
25,685
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||||||
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||||||||
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Regulatory Liabilities
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27,788
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28,084
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||||||
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||||||||
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Other Noncurrent Liabilities
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||||||||
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Pension accrued
|
5,394
|
4,759
|
||||||
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Environmental remediation costs
|
4,050
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4,050
|
||||||
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Other
|
9,334
|
6,307
|
||||||
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Total Other Noncurrent Liabilities
|
18,778
|
15,116
|
||||||
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|
||||||||
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Commitments and Contingencies
|
||||||||
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||||||||
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Capitalization
|
||||||||
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Long-term debt
|
47,855
|
48,089
|
||||||
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|
||||||||
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Common Stock Equity
|
||||||||
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Paid-in capital
|
106,095
|
106,095
|
||||||
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Retained earnings
|
6,948
|
4,320
|
||||||
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Accumulated other comprehensive loss
|
(8
|
)
|
(12
|
)
|
||||
|
Net Common Stock Equity
|
113,035
|
110,403
|
||||||
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||||||||
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Total Capitalization
|
160,890
|
158,492
|
||||||
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||||||||
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Total Liabilities and Capitalization
|
$
|
256,553
|
$
|
250,214
|
||||
The accompanying Notes to Financial Statements
are an integral part of the financial statements.
5
THE BERKSHIRE GAS COMPANY
STATEMENT OF CASH FLOWS
(In Thousands)
(Unaudited)
|
|
Three Months Ended
|
|||||||
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March 31,
|
|||||||
|
|
2014
|
2013
|
||||||
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Cash Flows From Operating Activities
|
||||||||
|
Net income
|
$
|
5,228
|
$
|
4,952
|
||||
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
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Depreciation and amortization
|
2,481
|
1,768
|
||||||
|
Deferred income taxes
|
-
|
(1,621
|
)
|
|||||
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Pension expense
|
275
|
477
|
||||||
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Regulatory activity, net
|
(306
|
)
|
4,435
|
|||||
|
Other non-cash items, net
|
364
|
(288
|
)
|
|||||
|
Changes in:
|
||||||||
|
Accounts receivable, net
|
(8,583
|
)
|
(3,518
|
)
|
||||
|
Unbilled revenues
|
891
|
63
|
||||||
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Prepayments
|
1,862
|
218
|
||||||
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Natural gas in storage
|
2,321
|
2,452
|
||||||
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Accounts payable
|
5,633
|
(2,821
|
)
|
|||||
|
Interest accrued
|
(280
|
)
|
(444
|
)
|
||||
|
Taxes accrued/refundable, net
|
2,796
|
4,770
|
||||||
|
Accrued liabilities
|
(4,564
|
)
|
(1,021
|
)
|
||||
|
Accrued pension
|
2,181
|
(455
|
)
|
|||||
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Other assets
|
(1,970
|
)
|
838
|
|||||
|
Other liabilities
|
1,245
|
(16
|
)
|
|||||
|
Total Adjustments
|
4,346
|
4,837
|
||||||
|
Net Cash provided by Operating Activities
|
9,574
|
9,789
|
||||||
|
|
||||||||
|
Cash Flows from Investing Activities
|
||||||||
|
Plant expenditures including AFUDC debt
|
(1,682
|
)
|
(886
|
)
|
||||
|
Other
|
-
|
2
|
||||||
|
Net Cash (used in) Investing Activities
|
(1,682
|
)
|
(884
|
)
|
||||
|
|
||||||||
|
Cash Flows from Financing Activities
|
||||||||
|
Payment of common stock dividend
|
(2,600
|
)
|
(2,100
|
)
|
||||
|
Intercompany payable
|
-
|
(5,000
|
)
|
|||||
|
Other
|
4
|
-
|
||||||
|
Net Cash provided by Financing Activities
|
(2,596
|
)
|
(7,100
|
)
|
||||
|
|
||||||||
|
Unrestricted Cash and Temporary Cash Investments:
|
||||||||
|
Net change for the period
|
5,296
|
1,805
|
||||||
|
Balance at beginning of period
|
6,890
|
2,032
|
||||||
|
Balance at end of period
|
$
|
12,186
|
$
|
3,837
|
||||
|
|
||||||||
|
Non-cash investing activity:
|
||||||||
|
Plant expenditures included in ending accounts payable
|
$
|
23
|
$
|
252
|
||||
The accompanying Notes to Financial Statements
are an integral part of the financial statements.
6
THE BERKSHIRE GAS COMPANY
STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
March 31, 2014
(Thousands of Dollars)
(Unaudited)
|
|
Accumulated
|
|||||||||||||||||||||||
|
|
Other
|
|||||||||||||||||||||||
|
|
Common Stock
|
Paid-in
|
Retained
|
Comprehensive
|
||||||||||||||||||||
|
|
Shares
|
Amount
|
Capital
|
Earnings
|
Income (Loss)
|
Total
|
||||||||||||||||||
|
Balance as of December 31, 2013
|
100
|
$
|
-
|
$
|
106,095
|
$
|
4,320
|
$
|
(12
|
)
|
$
|
110,403
|
||||||||||||
|
|
||||||||||||||||||||||||
|
Net income
|
5,228
|
5,228
|
||||||||||||||||||||||
|
Other comprehensive income, net of deferred income taxes
|
4
|
4
|
||||||||||||||||||||||
|
Payment of common stock dividend
|
(2,600
|
)
|
(2,600
|
)
|
||||||||||||||||||||
|
Balance as of March 31, 2014
|
100
|
$
|
-
|
$
|
106,095
|
$
|
6,948
|
$
|
(8
|
)
|
$
|
113,035
|
||||||||||||
The accompanying Notes to Financial Statements
are an integral part of the financial statements.
7